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Busan and Can Tho Sign Economic Cooperation MOU… Launching Economic Cooperation Toward the Global Market

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Busan Metropolitan City, led by Acting Mayor Kim Kyung-duk, announced that it will sign a memorandum of understanding (MOU) with Vietnam’s Can Tho City today (May 7) at 1:00 p.m. in the International Protocol Room at Busan City Hall to strengthen economic cooperation focused on future industries and officially launch a cooperative framework in response to the reorganization of global supply chains.

The signing ceremony is expected to be attended by major representatives from both cities, including Seong Heui-yeob, Vice Mayor for Future Innovation of Busan Metropolitan City, Nguyen Tuan Anh, Deputy Secretary of the Party Committee and head of the Can Tho delegation, Nguyen Van Khoi, Vice Chairman of the People’s Committee, and members of the Standing Committee of the Party Committee.

This agreement was prepared to expand the foundation for overseas expansion by Busan-based companies through cooperation with a major Southeast Asian hub city in response to the growth of the Global South market and the ongoing restructuring of global supply chains.

The MOU will be officially signed by the Vice Mayor for Future Innovation of Busan Metropolitan City and the Vice Chairman of the People’s Committee of Can Tho City, demonstrating the two cities’ commitment to pursuing practical cooperation.

Through this agreement, the two cities will promote cooperation in a wide range of areas, including advanced industries such as smart cities and digital transformation, trade and investment promotion, expansion of business exchanges, education and research, talent exchange, and cooperation in the fields of maritime affairs, logistics, tourism, and the environment.

Busan Metropolitan City plans to support local companies in entering ASEAN markets, while Can Tho City aims to strengthen its urban competitiveness by leveraging Busan’s technological and industrial capabilities.

Meanwhile, Can Tho City is a key hub city in the Mekong Delta region of southern Vietnam, possessing strong foundations in agriculture, fisheries, and manufacturing, along with high growth potential.

Busan Metropolitan City plans to use this agreement as an opportunity to position Can Tho City as a strategic gateway for entering Southeast Asian markets.

During their visit, the Can Tho delegation is expected to review Busan’s industrial, logistics, and smart city infrastructure through various programs, including a visit to the Busan Port Authority, business networking events, and a tour of the Traffic Information Service Center.

In particular, tomorrow (May 8), the delegation will explore opportunities for investment and trade cooperation through business networking sessions with Busan-based companies.

Seong Heui-yeob, Vice Mayor for Future Innovation of Busan Metropolitan City, stated, “This agreement will serve as an opportunity for Busan to take the lead in strategic cooperation with ASEAN markets in line with the government’s policy direction of diversifying global supply chains and expanding cooperation with emerging markets,” adding, “We will continue to actively support local companies’ overseas expansion and make every effort to create new growth engines for the national economy through investment and industrial cooperation.”